Third property Out of state

[Emeka Attoh]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $43,000
Cash invested: $55,000

The property was cheap. However, it needed extensive repairs when increased the cash I invested into it.

How did you find this deal and how did you negotiate it?

Zillow

How did you finance this deal?

Conventional

How did you add value to the deal?

This property has substantial repairs which increased the amount of cash I had to invest. Also I failed to look at the ARV. I intend to hold it until I get an ROI

What was the outcome?

The ARV is not worth the amount I used for the repairs

Lessons learned? Challenges?

Always know the ARV
Buy houses that need less repairs. If you buy any one that needs a lot of repairs, make sure the ARV will be worth more.